One thing that you may want to keep in mind is about LED's and neon lights. Your bike can glow any "steady" color you wish. But you must not be able to see any of the devices that are emitting the light. So hide the LED's very well and you'll be okay. And it is okay to change colors but is must be in a slow fade between the two. If it is a sudden change then it is considered flashing and that is a sure way for a ticket.
Oh yeah, and no strobes unless you're in a parking lot. But it looks wicked on the bikes that have them.